Eraaya Suspends Robin Raina from Ebix

Eraaya Board unanimously decided to initiate investigation of the alleged financial irregularities

Eraaya Lifespaces Limited which recently acquired of Ebix, Inc. suspended Robin Raina as Chairman cum Director of Eraaya and CEO of Ebix, Inc.

“The Board was informed regarding certain financial irregularities committed by Robin Raina pertaining to operations of Ebix, Inc. and all its’ global subsidiaries, and as a measure of good corporate governance practice, the Eraaya Board unanimously decided to initiate investigation of the alleged financial irregularities, entrusted the task to High Powered Steering Committee, and suspended Mr. Robin Raina as Chairman cum Director of Eraaya, Director and CEO of Ebix, Inc. its’ all global subsidiaries pending inquiry,” Eraaya said in a Exchange filing.

Further, Karan Bagga has been assigned additional responsibilities as officiating CEO of Ebix Inc., who shall manage and control the entire affairs of Ebix, Inc. and all the global subsidiaries.

“In view of the suspension, a separate communication to all the concerned at Ebix Inc and all its global subsidiaries to be sent expeditiously, confirming that Robin Raina and certain identified personnel have been refrained from contacting writing and intimidating any of the officers and employees of Ebix Inc.,” the filing reads.